When you start building a team, that means you’re also setting out to build your leadership skills.
Now I’ve posted here and here about why it’s a great idea to partner with a top-notch property management company when you’re growing your real estate investment business. And you’re probably going to add more people to your team as you grow, like an accountant, administrative assistant, and others. All of which means that you’re definitely going to be in a leadership position.
So, what qualities does an effective leader possess?
It’s a big topic, and I’m not even going to try to answer it completely in this post. What I will do is touch on some foundational skills and qualities that other skills are built on. (Maybe I’ll add to this list in a future post.) But here are three master qualities that define leaders…
Leaders “Get” the Give and Take of Communicating
Communication is a genuine master skill for leaders. And it’s a two-way street. Successful leaders get that ‒ and they’re good at both sides of the equation.
Listening is critical. For one thing, it builds trust because it helps team members feel appreciated and lets them know their ideas and perspective are taken seriously. In fact, it’s almost ironic: very often, it’s a leader’s ability to remain silent and listen that indicates strength and credibility, versus talking constantly and using words to “project power.”
But after listening, letting others know what you think and expect from them is also all-important. This is partially a matter of honesty, as you seek to respectfully point out shortcomings and areas for improvement, as well as praise accomplishments and progress made. It’s also a matter of mastering the art of setting clear expectations. After all, it’s hard to hold someone accountable for a task they didn’t know was required of them.
They Know How to Establish and Maintain Momentum
Every endeavor needs momentum, whether it’s a family vacation, business, social club, or meeting. Sometimes you need to create momentum as a leader ‒ you need to move a project from “idea” to “we’re actually doing this now” mode. Other times, it’s a matter of realizing that a project is moving along just fine, and so you need to identify the factors that will make sure it keeps moving forward. You don’t want everything to stop or get misdirected into some wasteful direction.
And sometimes, you need to pull the plug on a project. You realize it’s no longer fruitful, so there’s no sense in wasting energy and time on it ‒ you can use your team’s resources for more necessary things.
In all these cases, you as a leader will need to identify what the nature of the project actually is, what kind of momentum it needs to have (“What should this thing look like when it’s really humming along?”), what momentum it actually does have… and how to tap into people’s needs and drives and skills so they can become the driving force to move things forward.
It’s helpful to realize that there are times when you will be the one who provides the energy and drive, or who puts on the breaks. Then there are other times when it’s better for others to take on that role (that’s when training and delegation really come to the fore).
So this issue of momentum is vital: it combines understanding human psychology, communication skills, and the ability to visualize desired outcomes so you can gage where things stand. All of this can be challenging ‒ but leadership is all about taking on challenges, and the rewards are spectacular.
Leaders Teach, Train, and Mentor Others
This one may seem obvious, but it’s surprising how often people think of leaders as rough, abrasive people who simply chart their own course without help from anybody else, or even much concern for others. But that simply isn’t true.
True leaders care deeply about training and mentoring others. In fact, it’s kind of interesting how this last “super skill” combines the previous two ‒ if you’ve taken the time to master the give and take of communicating, as well as the art of creating and controlling momentum by tapping into your own and others’ strengths, then it’s only natural you will have become a potentially high-level coach, mentor, or teacher.
But it’s more than just a by-product of these other skills. I think teaching and training others is simply a necessary part of leadership. It emerges naturally when we pursue our dreams and utilize our core strengths. We instinctively begin to understand that we’ll never reach our full potential until we pass on to others what we’ve learned.
Each of us will teach in different ways. I’m sure President Donald Trump mentors folks differently from, say, Howard Schultz of Starbucks. But however they do it, leaders raise up other leaders.
A Powerful Mix
Want to grow as a leader? Keep combining these three super skills of mastering communication, understanding momentum, and mentoring others. Watch how they play out in the leadership styles of others. Practice them yourself. Over time, you’ll become an increasingly effective ‒ and inspiring ‒ leader.
It’s a powerful combination.
Give us a call at (801) 990-5109 or schedule your free appointment here to build a personalized Wealth Plan. Whether you’re a seasoned leader already, or more of a “leader waiting to emerge,” we’ll help you become the best you that you can be, through real estate investing.